Taxes are mainly of two types, direct tax and indirect taxes. Income tax is the direct tax charges on the income earned during a financial year by the individuals, HUF, Association of Person, Charitable Trust and other specified person. Taxes are sources of revenue for the government. Government utilizes this revenue for developing infrastructure, providing healthcare, education, subsidy to the farmer/agriculture sector and in other government welfare schemes.
The detailed article consist of information relating to Income Tax. Go through it and gain the essential knowledge about Income Tax.
Brief article on Equalisation Levy, Section wise coverage and applicability, return filing and rectification, payment and penalty provisions
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